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Earnings Per Share
 9 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share 3. Earnings Per Share

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding:

 

 

 

Three months ended
December 31,
(In thousands, except
per share amounts)

 

 

Nine months ended
December 31,
(In thousands, except
per share amounts)

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 Net (loss) income per consolidated statements of income

 

$

(13,373

)

 

$

(702

)

 

$

(18,322

)

 

$

2,630

 

 Percentage allocated to shareholders *

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 Numerator for basic and diluted earnings per share

 

$

(13,373

)

 

$

(699

)

 

$

(18,322

)

 

$

2,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 Denominator for basic earnings per share - weighted-average shares outstanding

 

 

7,219

 

 

 

7,621

 

 

 

7,349

 

 

 

7,593

 

 Dilutive effect of stock options

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 Denominator for diluted earnings per share

 

 

7,219

 

 

 

7,621

 

 

 

7,349

 

 

 

7,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.85

)

 

$

(0.09

)

 

$

(2.49

)

 

$

0.34

 

Diluted

 

 

(1.85

)

 

 

(0.09

)

 

 

(2.49

)

 

 

0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Basic weighted-average shares outstanding

 

 

7,219

 

 

 

7,621

 

 

 

7,349

 

 

 

7,593

 

   Basic weighted-average shares outstanding and unvested restricted stock units expected to vest

 

 

7,219

 

 

 

7,658

 

 

 

7,349

 

 

 

7,630

 

Percentage allocated to shareholders

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%